Sale of Duluth Based Clothing Retailer Maurices is Finalized

The controlling stake is valued at about $300 million.

DULUTH, Minn. – The sale of Longtime Duluth Based clothing retailer Maurice’s is now complete.

The buyer, OpCapita is an European investment firm.

OpCapita will now hold majority equity of Maurice’s.

The controlling stake is valued at about $300 million.

This is the first U.S. investment for the European company, which also recently purchased a stake in a German clothing retailer.

Founded in 1931, Maurice’s will continue to be led by Chief Executive Officer George Gold–Farb.

He believes the Op Capita investment will be good for the future of the business.

“We want to go back to our historical profit levels. We want to continue to grow the business. This is going to be a great opportunity to do just that. We are already seeing some traction,” said CEO George Goldfarb.

Maurice’s Employees are looking at the ownership change as an exciting opportunity.

They hope it will help them continue to stay true to their roots.

“We have rooted ourselves in style, service, and community in the hometown. I don’t anticipate that will change. And here at home office the culture continues to thrive as Maurices,” said headquarters associate Shannon Vogel.

Maurice’s currently has 940 across the U.S. and Canada.

Layoffs are not expected despite the change in ownership.

Maurices headquarters will remain in Downtown Duluth.